(i) The rights of any users of the Aircraft are subject and subordinate to all terms of the
Lease and all rights of Lessor in and to the Aircraft and under the Lease including, without
limitation, the right of Lessor to inspect and take possession of the Aircraft from time to time
according to the terms and provisions of the Lease and applicable law;

     (ii) Lessee acknowledges that Lessor shall have none of Lessee’s obligations or duties with
respect to the Aircraft contained in any charter arrangement, including but not limited to
maintenance, repairs, service or insurance;

     (iii) Lessee shall maintain accurate and complete records of all charter operations in which
the Aircraft is used, including without limitation copies of all receipts and invoices relating to
any such operations; and (ii) make any and all such records fully available to both Lessor and any
governmental agency (including, without limitation any state or federal taxing authority) promptly
upon demand from any such parties;

     (iv) Lessee currently has, and will maintain all required Federal Aviation Administration
(**“FAA”**) licenses to operate a chartering company and to perform all of its obligations thereunder.
Lessee shall at all times maintain a Certificate pursuant to Part 135 of the FAA Regulations. The
Aircraft shall not be used for any pilot training activities except recurrent training for Lessee’s
and Lessee’s affiliates’ pilots who will be flying the Aircraft. Lessee shall at all times
maintain **“operational control,”** (as defined in the FAA Regulations) of the Aircraft;

     (v) Any default by Lessee under the Lease shall constitute a default under the
chartering arrangements;